|
|
|
MIRA
INFORM REPORT
|
Report No. : |
509494 |
|
Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
VARROC POLYMERS PRIVATE LIMITED [w.e.f. 18.04.2007] |
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|
|
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Formerly Known
As : |
MOULDCRAFT (HINDUSTAN) PRIVATE LIMITED |
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Registered
Office : |
Plot No. L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra |
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Tel. No.: |
91-240-6653600/ 6653700 |
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Country : |
India |
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|
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
20.06.1995 |
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|
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Com. Reg. No.: |
11-090037 |
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Capital
Investment / Paid-up Capital : |
INR 5.300 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U25209MH1995PTC090037 |
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|
|
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TIN No.: |
Not Divulged |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AABPM2508F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Automobile Components. [Registered Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
Maximum Credit Limit : |
USD 22958200 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1995 and is engaged in
manufacturing polymer-based automobile components. Its products include body
parts and seat assemblies. As per the financial records of 2017, the company has reported a
decline in its revenue as compared to the previous year but has managed to
maintain an average net profit margin of 2.18%. Rating continue to reflect the company’s established position in the
automotive components business supported by its well-diversified revenue profile in terms of products and
geographies and sound financial profile backed by robust net worth base and
low debt balance sheet profile. However, rating strength is partially offset by company’s exposure to
intense competition in the global lighting systems business and working
capital intense nature of business operations. Business is active. Payment seems to be regular. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Loans = A+ (Withdrawal) |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
01.08.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Loans = A1(Withdrawal) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
01.08.2017 |
Reason for withdrawal: The withdrawal of the rating is at the request of the company and the no-objection certificate received from the lending banks.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.05.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-240-6653600/ 6653700]
LOCATIONS
|
Registered Office : |
Plot No. L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India |
|
Tel. No.: |
91-240-6653600/ 6653700/ 6653699 |
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Fax No.: |
91-240-2564540 |
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E-Mail : |
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Website : |
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Correspondence Office : |
Plot No. C-3, MIDC, Chakan, District Pune-410501, Maharashtra, India |
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Factory : |
M-138/139, MIDC Industrial Area, Waluj, Aurangabad-431126, Maharashtra |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Tarang Naresh Jain |
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Designation : |
Managing Director |
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Address : |
Gut No. 41 (P), Opposite Walmi, Kachanwadi, |
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Date of Birth/Age : |
21.03.1962 |
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Qualification : |
MBA Finance |
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Date of Appointment : |
28.06.1995 |
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PAN No.: |
AAXPJ4083B |
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DIN No.: |
00027505 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Neeraj Jain |
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Designation : |
Whole-Time Director |
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|
Address : |
Villa No 75 Palm Meadows, Kompally - 500055, Andhra
Pradesh, India |
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Date of Birth/Age : |
11.07.1968 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.07.2015 |
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PAN No.: |
AECPJ1216M |
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DIN No.: |
06520246 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Naresh Chandra |
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Designation : |
Director |
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Address : |
Bhagwati Bhavan, 31/B, M L Dahanukar Marg, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
11.02.1935 |
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Qualification : |
Graduate in Economics |
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Date of Appointment : |
28.06.1995 |
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PAN No.: |
AACPC7536R |
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DIN No.: |
00027696 |
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Other Directorship:
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|
||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Gautam Premnath Khandelwal |
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Designation : |
Director |
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Address : |
B-2, Alaknanda, 16-A, Nepeansea Road, Mumbai – 400006, Maharashtra,
India |
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|
Date of Birth/Age : |
01.04.1962 |
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Qualification : |
B.A. (Economics) |
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Date of Appointment : |
24.03.2011 |
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PAN No.: |
AAGPK3440E |
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DIN No.: |
00270717 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Anil Bhanwarlal Ghatiya |
|
Designation : |
Company Secretary |
|
Address : |
At. Fl. No. G-404, G-Building, Kasliwal Marvel, Beed By Pass, Aurangabad- 431005, Maharashtra, India |
|
Date of Appointment : |
01.01.2005 |
|
PAN No.: |
AGDPG4089J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Varroc Engineering Private Limited, India |
529099 |
100.00 |
|
Tarang Jain and Varroc Engineering Private Limited, India [Beneficial
Interest held by Varroc Engineering Private Limited, India] |
1 |
0.00 |
|
|
|
|
|
Total |
529100 |
100.00 |
AS ON: 09.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Automobile Components. [Registered Activity] |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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||||||
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Selling : |
Not Divulged |
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||||||
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Purchasing : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2017)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Plastic Moulded Components |
M.T. |
69357 |
20,575 |
|
Extrusion Sheets |
M.T. |
10800 |
722 |
|
Automobile Seat Assembly |
Nos. |
14929104 |
6882290 |
|
Air Filter Assembly |
Nos. |
4000000 |
2169707 |
|
Mirror Assembly |
Nos. |
16428000 |
9615366 |
|
Tools (Moulds) |
Nos. |
450 |
255 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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|
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Bankers : |
· IDBI Bank Limited Ratnaprabha Building, Survey No.20292, Kesarsingpura, Opposite LIC Building, Adalat Road, Aurangabad-431001 Maharashtra, India |
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Facilities : |
|
|
Financial Institution : |
· Bajaj Finance Limited Akurdi, Pune-411035, Maharashtra, India ·
IDBI Trusteeship Services Limited |
|
|
|
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Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
I-501 Ruturang, Phase 2 Pune, Satara Road, Near City Pride Theatre, Pune - 411009, Maharashtra, India |
|
PAN No.: |
AAHFP0187A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Varroc Engineering Limited, India [U28920MH1988PLC047335] |
|
|
|
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Subsidiary Company : |
Fores Elastomech India Private Limited, India [U29190MH2005PTC157474] |
|
|
|
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Parent Entity : |
Varroc Engineering Private Limited |
|
|
|
|
Fellow Subsidiary Companies : |
· Varroc Corp Holding BV · Varroc Lighting Systems, Inc |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
INR 10/- each |
INR 45.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
529100 |
Equity Shares |
INR 10/- each |
INR 5.291
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.300 |
5.300 |
5.300 |
|
(b) Reserves & Surplus |
8030.100 |
6865.500 |
3723.300 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8035.400 |
6870.800 |
3728.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
586.000 |
276.400 |
301.400 |
|
(b) Deferred tax liabilities (Net) |
180.500 |
195.000 |
182.400 |
|
(c)
Other long term liabilities |
23.800 |
29.100 |
17.200 |
|
(d)
long-term provisions |
23.300 |
21.900 |
20.800 |
|
Total
Non-current Liabilities (3) |
813.600 |
522.400 |
521.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
488.900 |
515.200 |
225.900 |
|
(b)
Trade payables |
1782.100 |
1748.800 |
1496.700 |
|
(c)
Other current liabilities |
565.400 |
697.100 |
562.300 |
|
(d)
Short-term provisions |
8.100 |
7.700 |
31.400 |
|
Total
Current Liabilities (4) |
2844.500 |
2968.800 |
2316.300 |
|
|
|
|
|
|
TOTAL |
11693.500 |
10362.000 |
6566.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4990.400 |
4168.300 |
3544.600 |
|
(ii)
Intangible Assets |
23.400 |
26.200 |
24.500 |
|
(iii)
Capital work-in-progress |
37.800 |
394.700 |
141.400 |
|
(iv) Intangible assets under development |
0.000 |
1.900 |
3.400 |
|
(b) Non-current
Investments |
3876.500 |
2994.000 |
314.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
170.200 |
|
(e)
Other Non-current assets |
70.600 |
140.000 |
0.100 |
|
Total
Non-Current Assets |
8998.700 |
7725.100 |
4199.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
631.800 |
566.700 |
795.800 |
|
(c)
Trade receivables |
1377.500 |
1590.500 |
1269.200 |
|
(d)
Cash and cash equivalents |
70.200 |
44.500 |
49.000 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
252.600 |
|
(f)
Other current assets |
615.300 |
435.200 |
1.100 |
|
Total
Current Assets |
2694.800 |
2636.900 |
2367.700 |
|
|
|
|
|
|
TOTAL |
11693.500 |
10362.000 |
6566.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
13204.300 |
13662.200 |
12160.000 |
|
|
|
Other Income |
154.400 |
24.300 |
42.900 |
|
|
|
TOTAL |
13358.700 |
13686.500 |
12202.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7485.200 |
7640.000 |
7858.700 |
|
|
|
Purchases of Stock-in-Trade |
330.300 |
449.100 |
467.900 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(50.600) |
7.200 |
222.200 |
|
|
|
Employees benefits expense |
912.500 |
811.900 |
691.600 |
|
|
|
Other expenses |
3792.800 |
3644.000 |
2034.600 |
|
|
|
CSR Expenditure |
0.000 |
0.000 |
6.700 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
22.500 |
|
|
|
TOTAL |
12470.200 |
12552.200 |
11304.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
888.500 |
1134.300 |
898.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
93.500 |
87.000 |
70.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
795.000 |
1047.300 |
828.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
489.400 |
417.200 |
381.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
305.600 |
630.100 |
447.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.400 |
178.400 |
114.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
288.200 |
451.700 |
333.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
70.700 |
42.700 |
14.600 |
|
|
|
Professional and Consultation Fees |
17.300 |
10.300 |
0.000 |
|
|
TOTAL EARNINGS |
88.000 |
53.000 |
14.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
131.300 |
53.700 |
9.300 |
|
|
|
Stores & Spares |
8.200 |
3.300 |
45.400 |
|
|
|
Capital Goods |
62.100 |
97.800 |
141.200 |
|
|
TOTAL IMPORTS |
201.600 |
154.800 |
195.900 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
544.64 |
853.66 |
122.89 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
135.600 |
175.000 |
82.300 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
821.700 |
1108.800 |
829.800 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
754.100 |
1028.300 |
778.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
38.08 |
42.49 |
38.10 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
9.59 |
8.59 |
9.58 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
83.23 |
78.91 |
65.61 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.41 |
2.00 |
1.13 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.18 |
0.25 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.30 |
0.33 |
0.41 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.15 |
0.14 |
0.16 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.35 |
0.43 |
0.62 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.63 |
0.67 |
1.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
9.50 |
13.04 |
12.84 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.18 |
3.31 |
2.74 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.46 |
4.36 |
5.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.59 |
6.57 |
8.93 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.95 |
0.89 |
1.02 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.73 |
0.70 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.69 |
0.66 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
228.40 |
182.38 |
115.02 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.95 |
0.89 |
1.02 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
5.300 |
5.300 |
5.300 |
|
Reserves & Surplus |
3723.300 |
6865.500 |
8030.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3728.600 |
6870.800 |
8035.400 |
|
|
|
|
|
|
long-term borrowings |
301.400 |
276.400 |
586.000 |
|
Short term borrowings |
225.900 |
515.200 |
488.900 |
|
Current Maturities of Long
term debt |
82.300 |
175.000 |
135.600 |
|
Total
borrowings |
609.600 |
966.600 |
1210.500 |
|
Debt/Equity
ratio |
0.163 |
0.141 |
0.151 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
12160.000 |
13662.200 |
13204.300 |
|
|
|
12.354 |
-3.352 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
12160.000 |
13662.200 |
13204.300 |
|
Profit |
333.100 |
451.700 |
288.200 |
|
|
2.74% |
3.31% |
2.18% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G78123932 |
100158240 |
IDBI TRUSTEESHIP SERVICES LIMITED |
01/02/2018 |
- |
- |
500000000.0 |
Asian Building, Ground Floor, 17 R Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
2 |
G40921991 |
100089616 |
BAJAJ FINANCE LIMITED |
24/03/2017 |
- |
- |
500000000.0 |
AKURDIPUNEMH411035IN |
|
3 |
B02180065 |
10259068 |
CORPORATION BANK |
27/12/2010 |
- |
- |
420000000.0 |
INDUSTRIAL FINANCE BRANCH14, MUMBAI PUNE ROAD, WAKDEWADIPUNEMH411003IN |
|
4 |
B02266427 |
10255958 |
IDBI BANK LIMITED |
20/11/2010 |
27/12/2010 |
- |
20000000.0 |
IDBI TOWER, WTC COMPLEX,CUFFE PARADEMUMBAIMH400005IN |
|
5 |
B40994899 |
10131021 |
CORPORATION BANK |
14/11/2008 |
28/05/2012 |
- |
205000000.0 |
INDUSTRIAL FINANCE BRANCH14, PUNE - MUMBAI ROAD, WAKDEWADIPUNEMH411003IN |
|
6 |
A51392926 |
10131096 |
CITI BANK N.A. |
14/11/2008 |
- |
- |
50000000.0 |
PARMAR HOUSE, 2413, EAST STREET, CAMP,PUNEMH411004IN |
|
7 |
G54074158 |
10133281 |
IDBI Bank Limited |
14/11/2008 |
28/08/2017 |
- |
730000000.0 |
Ratnaprabha Building, Survey No.20292,Kesarsingpura, Opp. LIC Building, Adalat roadAurangabadMH431001IN |
|
8 |
C81537425 |
90158083 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
09/01/2003 |
24/02/2016 |
- |
500000000.0 |
STATION ROADAURANGABADMH431001IN |
|
9 |
Y10255024 |
90155254 |
BHARAT OVERSEAS BANK LIMITED |
06/01/2001 |
13/11/2001 |
- |
65500000.0 |
NIRALA BAZAR BR.AURANGABADMHIN |
|
10 |
Y10256172 |
90156402 |
THE MAHARSTRA STATE FINANCIAL CORPORAITON |
30/08/1996 |
- |
- |
24000000.0 |
NEW WXCELSIOR BUILDINGA.K. NAYAK MARG; FORTMUMBAIMHIN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
101.100 |
121.400 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from others |
0.000 |
150.000 |
|
Commercial paper [Member] |
344.500 |
0.000 |
|
|
|
|
|
Total |
445.600 |
271.400 |
GENERAL INFORMATION
The "Company"
is engaged in the business of manufacturing of Automobile components, having
its registered office at Auranagabad, Maharashtra. The Company has 13
manufacturing plants and a research and development centre in India and caters
to customers in domestic market.
OPERATIONS
(a) ECONOMIC AND
INDUSTRIAL OUTLOOK INDIA
The Indian auto
market started off on a promising note in FY 2016-17, encouraging bumps on the
way in the second half. The total domestic sales, encompassing all the
segments, posted an unflattering single-digit growth of 6.8% during the FY
2016-17.
FY 2016-17 held
out the promise due to good monsoon after two consecutive years of drought, but
was marked by period disruptions. The demonetization of high currency notes,
and the proceedings of Supreme Court, leading to the order restraining the sale
of BS III vehicles effective from 1st April, 2017 put brakes on the growth
momentum.
The overall growth
in the sale of passenger cars has been encouraging for the auto industry sector
during the year 2016-17. During the year, the sales of Passenger vehicle in
India crossed three million milestone for the first time in 2016-17, with the
segment witnessing a growth of 9.23%. Domestic sales of cars during the year
grew by 3.85% as compared to previous year. This was the lowest growth since
2014-15, when car sales rose 5.09%.
It shows signs of
recovery in the domestic market, all the segments, except passenger vehicles, registered
a double-digit growth. Although passenger vehicle segment did not grow by
double digit, it stayed in green. It is expected that the Passenger Vehicle
manufactures who have slews of new launches to address changing customers
preference (i.e. compact SUV, cross and hatchback) will have more demands for passenger
vehicles compared to others in the coming years.
There was a modest
growth in the sale of Motorcycles by 3.68% during 2016-17 as compared to
previous year whereas the sale of Scooters has been very encouraging which
registered a reasonably good growth by 11.39%. During the year under review,
the sale of commercial vehicle registered a modest growth by 4.16 % as compared
to previous year.
During the year,
the sale of Utility Vehicles (UV) has been very encouraging for the auto sector
which registered an impressive growth by 29.91% as compared to previous year.
This is the highest growth rate achieved by the UV segment after 2013-14.
(b) FUTURE OUTLOOK
In the current
financial year 2017-18, there would be short term effect of demonetization and
GST which is rolled out on July 1, 2017.
However with OEMs
Honda, Yamaha and Royal En-Field, it is expected to record impressive growth in
two wheeler segment with whom the Company has favorable disposition. The company
has secured significant business shares on scooter platforms of Honda and
Yamaha in the past few years. However, lower volumes of key client Bajaj Auto
remains a concern. Outside the two-wheeler segment, the company has
strengthened its supplier engagement with VW, Mahindra, Eicher and GM over the
past year. The Company has received sizeable export order from GM Columbia for
which SOP is in 2018.
The company has
taken steps to add new products in its portfolio both for built to design and
performance products. In the past year, the Company has pursued a dual strategy
approach whereby the company engages with leading global technology providers
to absorb new technologies like mirror while investing in building internal
capability development to implement and execute these new technology. The Company
has entered into an agreement with Mekra Lang for manufacture of mirrors for 4
Wheeler for VECV. Besides mirror the Company has also secured order for seat
business from VECV. In addition to these new technology developments, the company
continues to invest on improving existing operational capabilities. The
continued effort of your company has resulted in not only savings but also
recognition and awards at regional and national level operational excellence
events for initiatives such as Kaizen and TPM. The company is committed to delivering
value to customers by achieving operational excellence (waste reduction,
modernization, automation and capacity enhancement) in addition to investing in
safe, green and light weight technologies, wherever required.
During the year
the new plant at Chakan commenced commercial operations in August 2016. The
Company is expecting modest growth this fiscal year due to demonetisation and
GST impact which will have short term effect on the industrys performance in
coming months. The Companys plants are all committed to provide operational
excellence, improvement of environment, safety, health and society and the same
has been incorporated in the Companys Mission Statement and Quality Policy.
AWARDS &
ACCOLADES
In recognition of
contribution made to the Industry and nation, the Company feels proud to inform
about awards and accolades received by the Company from prestigious industry
bodies, institutions and government authorities, as under.
|
Award By |
Award Title |
|
Honda Motorcycle & Scooters India Pvt. Ltd. |
Appreciation Award 2016-17 for meeting QCD Competitive Multi Sourcing Supplier 2016-17 |
|
Tata Toyo Radiator Ltd. |
Recognition Award in implementation of Best Safety Practices for the year 2015-16 |
|
Yamaha Motor India |
Appreciation Award for Quality Improvement 2016 |
|
Ashok Leyland Limited |
Best Performance Award in New Product Development for the year 2015-16 |
|
CIITPM Club |
Winner Kaizen Award in Innovative Kaizen Category during 27th Kaizen Conference Cum Competition held at Chennai on 14 & 15-Jun-16 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 68.02 |
|
UK Pound |
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.